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market pulse
Feb. 24, 2010, 11:29 a.m.
SEC votes 3-2 for short-sale curb

By Kate Gibson NEW YORK (MarketWatch) -- A divided U.S. Securities and Exchange Commission on Wednesday voted to temporarily limit short sales after a yearlong debate on the contentious issue. The SEC's five commissioners voted 3-to-2 to curb short sales of a stock after it falls 10% in one day. "It is a rule that is designed to preserve investor confidence and promote market efficiency," said SEC Chairman Mary Schapiro, who backed the proposal. The SEC in early April approved the release of five differing proposals for reinstating the uptick rule, removed in 2007 after 70 years, which was designed to prevent short sellers from dominating trading in a stock to drive its price down.